THE MAIN INDEX climbed to the 6,900 level on Wednesday as investors continued to pick up bargains before a two-day break.
The bellwether Philippine Stock Exchange index (PSEi) went up by 0.07% or 5.36 points to close at 6,903.53 on Wednesday, while the broader all shares index rose by 0.24% or 8.96 points to end at 3,607.51.
“The local bourse gained by 5.36 points (0.07%) to 6,903.53 on last-minute bargain hunting,” Philstocks Financial, Inc. Research Analyst Claire T. Alviar said in a Viber message.
“The market mostly traded in the red following the negative cues from US markets overnight, while maintaining a cautious stance ahead of the long weekend. Still, investors took the chance to buy at bargain levels,” she added.
Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message that the PSEi was mostly flat amid the shortened trading week.
Philippine financial markets will be closed for Maundy Thursday and Good Friday.
“Traders are currently waiting for data on US gross domestic product growth, consumer sentiment, and jobless claims to be released before the US market closes on Good Friday,” Mr. Limlingan added.
Majority of sectoral indices ended lower, with services being the biggest decliner as it dropped by 0.76% or 14.21 points to 1,851.02. Property lost 0.27% or 7.66 points to close at 2,809.81; holding firms retreated by 0.24% or 16.06 points to 6,461.22; and mining and oil went down by 0.09% or 7.52 points to 8,123.30.
Meanwhile, financials rose by 1% or 20.21 points to 2,034.27, and industrials climbed by 0.74% or 66.87 points to 9,099.58.
“Among the index members, Century Pacific Food, Inc. surged the most by 8.70%, while DMCI Holdings, Inc. was at the bottom, losing by 6.89%,” Ms. Alviar said.
Value turnover rose to P10.67 billion on Wednesday with 2.44 billion issues switching hands from the P7.62 billion with 698.89 million shares traded on Tuesday.
Advancers outnumbered decliners, 102 against 81, while 58 names closed unchanged.
Net foreign selling declined to P310.52 million on Wednesday from P1.80 billion on Tuesday. — R.M.D. Ochave